what is the difference between price taker and price maker (3marks) - Economics - Non-Competitive Markets

Question

what is the difference between price taker and price maker ?
(3marks)

Pavithra · Answer

price taker
industry fixes price and firm has to accept price and sell at this
price thus firm is price taker
price maker
industry fixes price based on market demand and supply the industry
is price maker

what is the difference between price taker and price maker ? (3marks)